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NorthWestern Energy Group
NorthWestern Energy Group (NWE) investor relations material
NorthWestern Energy Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Reported Q3 2025 GAAP diluted EPS of $0.62 (down from $0.76) and non-GAAP diluted EPS of $0.79 (up from $0.65), with year-to-date GAAP EPS at $2.22 and adjusted EPS at $2.41, reflecting higher operating and merger-related costs but improved non-GAAP performance.
Affirmed 2025 earnings guidance of $3.53–$3.65 per share, targeting 4%–7% EPS growth and a long-term rate base growth outlook of 4%–6%.
Announced an all-stock merger of equals with Black Hills Corporation, with regulatory filings submitted and expected closure in the second half of 2026.
Integrated the Energy West natural gas asset acquisition, adding 33,000 customers in Montana for $35.9 million.
Advanced large load customer agreements, including major data center projects in Montana and new generation projects in South Dakota.
Financial highlights
Q3 2025 operating revenues increased 12.1% year-over-year to $387.0 million; utility margin rose 16.6% to $300.1 million.
Q3 2025 net income was $38.2 million, down from $46.8 million in Q3 2024, mainly due to higher operating, merger, and interest expenses.
Q3 2025 operating expenses increased 16.0% year-over-year, driven by administrative, merger, and wildfire mitigation costs.
Dividend of $0.66 per share declared, payable December 31, 2025.
Adjusted non-GAAP net income for Q3 2025 was $48.4 million, up from $39.7 million in Q3 2024.
Outlook and guidance
2025 non-GAAP EPS guidance affirmed at $3.53–$3.65 per share, assuming normal weather and excluding merger transaction costs.
Five-year capital plan of $2.74 billion–$2.7 billion expected to be funded without equity issuance, targeting FFO/debt ratio above 14%.
Final outcome of Montana rate review expected in Q4 2025; 2026 outlook and updated capital plan to be provided in February.
Earnings growth is expected to outpace dividend growth until the payout ratio returns to the 60%–70% target.
Expect to update capital expenditure forecasts in 2026 after transmission studies for new generation capacity.
Funding and rate design for 1,100 MW data centers?
Certainty of Colstrip O&M cost recovery?
Total merger costs and impact on GAAP EPS?
Merger integration: What are the key next steps?
Puget Colstrip: MPSC transition strategy?
Montana large load tariff filing details?
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Next NorthWestern Energy Group earnings date
Q4 202512 Feb, 2026
NorthWestern Energy Group
Next NorthWestern Energy Group earnings date
Q4 202512 Feb, 2026
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Frequently asked questions
NorthWestern Energy Group, Inc. (formerly NorthWestern Corporation), doing business as NorthWestern Energy, is a provider of electricity and natural gas. NorthWestern Energy is one of the largest independent energy utilities in the United States. The Company provides electricity and natural gas to residential, commercial, and various industrial customers.
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